US stocks settle 1% lower, Dow Jones loses 770 pts

US stocks ended Friday in red, posting a weekly loss following reciprocal military strikes between Israel and Iran that escalated the Middle East geopolitical tensions.

The Dow Jones Industrial Average dropped 1.79%, or 769 points, to settle at 42,197 points, with a weekly loss of 1.32%.

The S&P 500 index fell 1.13%, or 68 points, to 5,976 points, ending the week with a loss of 0.39%.

Similarly, Nasdaq Composite lost 1.30%, or 255 points, to close at 19,406 points.

As for European markets, the STOXX Europe 600 inched down 0.89% to 544 points.

The British FTSE index dropped 0.39% to 8,850 points, while the German DAX index was down 1% to 23,516 points. The French CAC 40 index lost the same percentage to 7,684 points.

The Nikkei index retreated 0.90% to 37,834 points, and the broader Topix index lost 0.95% to 2,756 points.

As for oil, Brent crude futures for August delivery jumped 7%, or $4.87, to $74.23 per barrel, recording a weekly gain of 11.7%. US West Texas Intermediate (WTI) crude futures for July delivery climbed 7.26%, or $4.94, to $72.98 per barrel, ending the week with a 13% gain.

Regarding gold, futures prices for August delivery soared 1.5%, or $50.4, to $3,452.80 per ounce, with a weekly gain of 3.17%.

Israel launched a large-scale airstrike early this morning, targeting Iranian nuclear facilities, prompting a response from Tehran and triggering a continuing cycle of escalation between the two sides.

The Michigan Consumer Sentiment Index showed an improvement in US consumer confidence in June for the first time in six months, driven by better expectations for current and future business conditions, as well as a decline in short- and long-term inflation expectations.